Original title: Revelation of Xu Anhua’s film "Going North" — — Exploration on the dissemination of domestic high-concept films

Hong Kong director Xu Anhua won the Lifetime Achievement Award at the 77th Venice Film Festival. Recently, her new film has released a lot of publicity materials. Not only the actors are all-stars, but also the technical teams such as screenwriter, photographer, editor, art and sound are the top configurations in the film industry. The media drainage has earned the audience’s expectations. Based on Zhang Ailing’s novel of the same name, the film is ostensibly a drunken love story. In fact, through the social scenes of the upper class in Hong Kong during the Republic of China, it depicts the speculative themes such as emotion, desire and willingness, and shows the rich and complex cultural connotation by peeping into the geo-historical relationship between the two cities of Shanghai and Hong Kong and the humanistic features of Hong Kong.

Director Xu Anhua is a representative of the new wave of Hong Kong films. Looking at his creative process, we can find that the extreme genre aesthetics and deep humanistic care are the two most prominent labels of his works, which are not only the secret of Hong Kong films to convey "Hong Kong flavor", but also the development form of film aesthetics that China film industry expects to achieve at present, and the creative paradigm of new mainstream films is based on this. From the perspective of industrial thinking, the goal of film creation is to realize the function of economic value and cultural discourse construction through communication. Therefore, how to effectively distinguish films and realize multi-focus communication has always been one of the core propositions in the field of film communication in China.

Before the industrialization reform, it was customary in China to make morphological differences according to the dichotomy of commercial films, art films and main melody films. With the reform of China’s film industrialization and the collective development of Hong Kong directors going northward, the aesthetic concept and production mode of genre films are in line with the mainland film industry through co-production, and gradually become a new force in the film industry. At present, China’s film industrialization process has made remarkable achievements, and new changes have taken place in the fields of film aesthetics and film communication. Trigonometry or simple commercial typology can no longer properly summarize the film differences, so new ways of differentiation and communication paths are needed to supplement them.

Taking the three representative films of Xu Anhua’s "Going North" as an example, it is difficult to generalize them into certain types or pure art films, and these films have typical commercial production and distribution modes. Although the postmodern life of my aunt is stylized in aesthetic expression, its narrative is far better than that of Hollywood genre films, and it has distinct author brand and feminist characteristics. "Golden Age" breaks the double time and space inside and outside the camera, which is more experimental than commercial, and even causes some viewers to understand obstacles; When is the Bright Moon? It has a typical theme value appeal, based on the communication of Ming Xing Kasi, but it does not use genre creation, but poetically shows the theme of war and the group images of heroes in the war. These films enrich the aesthetic forms of domestic films, have distinct national aesthetic characteristics, and also provide a new idea for the industrial creation of domestic films, that is, high-concept films.

The definition of "high concept" comes from American TV industry in 1980s, and has been widely used in film field. It can be simply understood as a work with simple form, effective narration, high return on investment and typical labeling selling points. Its core connotation is to emphasize the advantages of production, publicity and other industrial fields, and try to establish an effective communication path to realize the commercial value of movies, which is in line with the guiding opinions of China’s film industrialization development. For film creation, the significance of high-concept film dispels the inevitable connection between commercial orientation and genre aesthetics, which is a more mature industrial thinking. Works with any theme and expression can be put on the market and return on investment through the industrialization promotion process. The high-concept film replaces the communicator-oriented thinking with the communication effect-oriented thinking, which is more in line with the characteristics of media and users in the new media era.

High-concept film is an industrial concept rather than an aesthetic concept. Therefore, it can be applied to the industrialization promotion of film works indiscriminately, which complements the industry’s detailed classification according to the aesthetic form of films. In recent years, a large number of domestic films with distinctive literary and artistic features have adopted high-concept production and publicity methods, and actively participated in market competition: for example, The Forever directed by Bi Gan, Jia Zhangke and Wang Xiaoshuai. The artistic quality and author style of these films are difficult to be classified by genre or business, and only by combining them with high-concept production and distribution thinking can we achieve better market response in both word-of-mouth and box office.

In addition, this dissemination effect-based production and distribution method is also applicable to the industrialization of documentaries: successful cases include. On the other hand, the National Art Film Projection Alliance has many preferential policies for the distribution and projection of non-genre films, forming a benign support. On the one hand, its significance recognizes that in the process of film industrialization, focus aesthetics provides a broad sinking market for art films and encourages non-genre film creation; On the other hand, from the perspective of industry, ensure that non-genre films have sufficient market competition channels and stable living space.

Judging from the aesthetic development of domestic films, genre films are a rising star in the reform of film industrialization and occupy a considerable advantage in the box office war. However, it is obviously not enough to ensure the healthy and all-round development of the whole industry by relying on a single aesthetic feature. Author films, realistic works, experimental films, documentaries, etc. should gradually participate in the market competition. The exploration of the dissemination of high-concept movies provides a valuable reference for this.

Back to the new film "The First Furnace Incense", the various features of the film basically conform to the concept definition of high-concept movies. The novel text of this film adopts the creative technique of modern literature, but many of its language plots and characters are clearly branded with the classic novel A Dream of Red Mansions, and Xu Anhua is good at adapting it with postmodern fable color through film language. Compared with the director’s early works such as My Aunt’s Postmodern Life, the aesthetic form of The First Furnace Incense must be rich and diverse. The market’s acceptance of high-concept movies will usher in another useful test. (Author: Zhao Yi, Associate Professor of New Media Art College of Xi ‘an Engineering University, Master Supervisor)

　　[Global Times correspondent in Venezuela Zhang Weizhong Global Times correspondent Chen Xin] On the 10th local time, the Bolivian political situation changed dramatically: President Morales announced his resignation, and then the vice president, the speaker of the Senate, the speaker of the House of Representatives and several senior government officials also announced their resignations. Venezuela, Cuba, Mexico and other countries believe that there has been a coup in Bolivia. Some analysts believe that the drastic changes in Bolivia are related to the political intervention of the Organization of American States (OAS). On the day Morales announced his resignation, OAS issued a report saying that there was fraud in Bolivia’s recent general election, suggesting that the results of this election should be abolished and the election should be held again. The commander-in-chief of Bolivia’s armed forces and the commander-in-chief of the police later issued separate statements demanding that Morales resign. Morales’ resignation did not improve the chaotic situation in the country that lasted for weeks. On the evening of the 10th local time, there were incidents of vandalism and looting in several cities, including La Paz.

　　The president was arrested?

　　According to Bolivia’s "Daily" and "Russia Today" TV stations, Morales said at a news conference on the 10th that Bolivia experienced violence and provocation provoked by supporters of the "defeated party" and confrontation among citizens. The leftist leader in South America, who has served for the longest time, said that he didn’t want domestic confrontation and resigned in order to maintain peace and restore social stability in Bolivia. "I decided to resign as president, so that Mesa (the former president of Bolivia and the rival of Morales) and Camacho (the leader of the Bolivian opposition) would stop persecuting Bolivian brothers and sisters and never let them get hurt."

　　After Morales announced his resignation, there was news in Bolivia that he was ordered to be arrested and fled. According to Sputnik news agency & radio, Bolivian Health Minister Montano said on the 10th that Bolivian police planned to arrest the former president, and Camacho also revealed this information. Morales confirmed on Twitter that he had been arrested. However, the commander-in-chief of the Bolivian police, Calderon, denied issuing an arrest warrant against Morales. In addition, it is reported that Morales intends to "escape" and may fly to Venezuela. In this regard, the former president said that he did not plan to leave Bolivia. "I don’t need to run away. I hope the Bolivian people know that I have not stolen anything. "

　　According to the Bolivian National News Agency, the Bolivian police arrested the president and vice president of the Supreme Electoral Court and the heads of some regional branches on the order of the Ministry of the Interior. They were accused of violating the electoral law as described in the OAS report. Jenny Anes, an opposition politician and the second deputy speaker of the Senate, told Bolivian newspaper Seven Pages that she would be the acting president. The Bolivian Constitution does not stipulate who will take over the presidency if the President, the Vice President, the Speakers of the Senate and the House of Representatives and the First Deputy Speaker of the Senate all resign. Anes believes that after the resignation of the Speaker and the First Deputy Speaker of the Senate, she should be the Speaker of the Senate, so she should be the Acting President.

　　Foreign interference?

　　One of the most important factors contributing to Morales’ resignation is the Bolivian election audit report released by OAS10. According to media reports such as "Deutsche Welle", the Bolivian opposition did not recognize the results of the presidential and parliamentary elections held recently, and serious conflicts broke out between the supporters of the government and the opposition camps. Up to now, related activities have caused three deaths and hundreds of injuries. In order to quell political disputes, all parties in Bolivia invited OAS to review the election results. After OAS published the relevant report, Morales immediately announced that he would replace all members of the Supreme Electoral Court and hold a new general election. However, the opposition party demanded that he resign immediately. Subsequently, the Bolivian military also asked Morales to resign.

　　The American "Nation" magazine said that OAS was suspected of interfering in Bolivia’s general election under the pressure of the United States. According to the report, Morales was one of the few left-wing leaders in Latin America, and the US government has been committed to letting them step down. The US government has always supported the former Bolivian President Mesa, and has been hostile to the Bolivian government since Morales took office in 2005. The two countries have no longer maintained diplomatic relations at the ambassadorial level since 2009. In addition, the United States government bears about 60% of the funds of OAS, which has been instructed by Washington to dictate the election results of other countries more than once. According to the report, when the first round of general election in Bolivia just ended, OAS questioned whether the general election was legal without evidence. The organization’s series of statements are consistent with the positions of the US government and some lawmakers, which has influenced some media reports and become a tool to discredit Bolivia’s election.

　　Multinational solidarity

　　According to Sputnik news agency & radio, after Morales resigned, many Latin American countries expressed their support for him. Venezuelan President Maduro said on Twitter that he "resolutely condemned" the coup against Morales. Diaz Canel, President of the Republic of Cuba, believes that Morales’ resignation is the result of a coup. Cuban Foreign Minister Bruno Rodriguez said that Cuba called on all countries to support and protect Morales’ life and freedom. Mexican Foreign Minister Ebrard said that Mexico is willing to provide asylum if Morales needs it. According to the British "Daily Mail" report, even Labour Party leader Corbin expressed sympathy for Morales. He believes that "it is shocking that this person who brought great social progress was forced to step down by the military."

　　However, the Brazilian government believes that Morales’ stepping down was forced to resign under pressure, not being ousted in a coup. The Russian Foreign Ministry issued a statement calling on all political forces in Bolivia to take responsibility and seek a constitutional solution to the current crisis. China’s Foreign Ministry spokesperson Geng Shuang said that China hopes that all Bolivian parties concerned will resolve their differences peacefully within the framework of the Constitution and laws and restore social stability as soon as possible.

　　The struggle is not over yet.

　　According to the Bolivian media Razon, after Morales announced his resignation, riots and arson and attacks on officials’ houses continued in the administrative capital La Paz. Fifteen buses were burned. Morales’ house in Cochabamba was damaged. A business in El Alto, near La Paz, was set on fire and looted. Local residents in La Paz said in an interview with the Global Times on the 11th that there were incidents of vandalism and looting in some neighborhoods on the evening of the 10th. In order to avoid being targeted by mobs, many people were afraid to turn on the lights and light candles for washing at night. After Morales resigned, there was a power vacuum in Bolivia and the political prospect was uncertain, which made the people in the country very worried.

　　Qatar Al Jazeera said that the current political situation in Bolivia is very unstable, and the situation seems to continue to deteriorate. "If you don’t keep calm, a slightly angry Mars will ignite a fire." The British "Daily Mail" said that Morales is the idol of leftists in Latin America, and left-wing parties have a rising trend in some Latin American regions. Under this background, Morales’ stepping down may bring impact to the region.

It was reported on April 19th that just now, the domestic digital-analog hybrid chip design company landed in science and technology innovation board, and its main business is power management and fast charging protocol chips, with an issue price of 24.23 yuan/share.

After the opening, the opening price of Yingjixin was 24.23 yuan/share, and then the share price fell, with the biggest drop of 9.5%. As of the date of writing, its share price is 22.31 yuan/share, down 7.92%, with a total market value of 9.3 billion yuan.

Founded in 2014, Yingjixin is currently one of the major chip suppliers in other application fields.

There are about 230 models of products generated by Yingjixin, which are used in mobile power supply, fast charging power adapter, wireless charger, car charger, TWS earphone charging bin and other products. From 2018 to the first half of 2021, its chip sales reached 1.728 billion, and the final brand customers included Xiaomi, OPPO and other manufacturers.

During the reporting period, the revenue of CIMC showed an increasing trend. The revenue of each period in 2018, 2019, 2020 and the first half of 2021 was.

Yingjixin has no controlling shareholder, and the actual controller is Huang Hongwei, chairman and general manager of Yingjixin. In this IPO, CIMC plans to raise 400 million yuan, which will be used for three projects: development and industrialization of power management chips, development and industrialization of fast charging chips and supplementary liquidity.

▲ Fund-raising of Yingji Core Program

Yingjixin was established on November 14th, 2014, when its shareholder was Qiu Fangfang. According to the prospectus, Qiu Fangfang was the spouse of Zeng Lingyu, a member of the founding team.

As the founding team is starting a business for the first time and there are many uncertainties, Qiu Fangfang is jointly selected as the nominal shareholder, and the trustees include 16 people including Huang Hongwei, Ding Jiaping and Zeng Lingyu.

▲ Huang Hongwei, Chairman and General Manager of Yingjixin

It is worth noting that. Among them, LING HUI worked as general manager, general manager and senior vice president of the Internet of Things Division in China Resources Siwei Technology (Shanghai) Co., Ltd., Guangzhou Anbao Electronics Co., Ltd. and Shenzhen Bettler Electronic Technology Co., Ltd., and joined Yingjixin as technical director in July 2020.

Among the other four people, Huang Hongwei, Chairman and General Manager of Yingjixin, Dai Jialiang, Director of System R&D Department, Zeng Lingyu, Deputy Director of IC R&D Department, and Tang Xiao, Deputy Director of IC R&D Department, all worked together in Xinhengfu Technology, a subsidiary of Juli Integration and Fuman Electronics.

In 2013, 10 people, including Huang Hongwei, left Torch Power Integration and planned to start a business in the field of power management chips, but they lacked financial support. Fuman Electronics plans to enter the power management chip market through its Xinhengfu technology. So the two sides jointly created Xin Yiman, and Huang Hongwei and others joined Xinhengfu Technology.

After the establishment of Xinyi Man, the cooperation was finally terminated in October 2014, and the company was cancelled in June 2016.

However, this cooperation has also brought about a long-term lawsuit between Fuman Electronics and CIMC. Fuman Electronics, its subsidiaries Xinhengfu Technology and Liu Wenjun initiated six lawsuits against Yingjinxin, and there were disputes over intellectual property rights and technology patents with Yingjinxin.

According to a source quoted by Jiwei.com, in the fourth quarter of 2018, Fuman Electronics was optimistic about the advantages of Yingjixin in the charging treasure and wireless charging market, and planned to acquire Yingjixin. However, after the negotiations failed, Fuman Electronics began to dig people. The earliest lawsuit of Fuman Electronics against Yingjixin also began in November 2018.

At present, among the six lawsuits filed by Yingjixin, Fuman Electronics and Liu Wenjun, five lawsuits have reached a settlement, and the plaintiff has withdrawn the lawsuit and closed the case. The administrative lawsuit of Fuman was decided by Beijing Intellectual Property Court in January, 2022, which rejected the plaintiff’s claim of Fuman Electronic Litigation, and Fuman Electronic refused to accept it and filed an appeal. The case is still being accepted by the Supreme People’s Court.

During the reporting period, the revenue of CIMC showed an increasing trend, with revenue of 217 million yuan, 348 million yuan, 389 million yuan and 356 million yuan in the first half of 2018 -2021 respectively, with a compound growth rate of 34.04% from 2018 to 2020.

In terms of profit, the net profit of Yingjixin in the first half of 2018 -2021 is.

▲ Changes in revenue and net profit of CIMC in the first half of 2018 -2021.

The main source of revenue for CIMC is that from 2018 to 2020, the revenue of CIMC power management chips will increase from 194 million yuan to 268 million yuan.

However, with the growth of its fast charging protocol chip revenue, its power management chip revenue ratio has dropped from more than 90% in 2018 to 59.38% in the first half of 2021.

▲ Proportion of various businesses of CIMC in the first half of 2018 -2021.

From 2018 to the first half of 2021, the R&D expenses of Yingjinxin were 33.2275 million yuan, 44.2605 million yuan, 50.65 million yuan and 38.7085 million yuan, respectively, accounting for 15.34%, 12.72%, 13.01% and 10.88% of the operating income in the same period.

By the end of June, 2021, CIMC had a total of 61.48% employees. It has obtained 79 domestic patents, including 49 invention patents and 30 utility models. Yingjixin also owns 115 registration certificates of integrated circuit layout design and 11 computer software copyrights.

During the reporting period, the main customers of Yingjixin were basically stable, and most of them were dealers, including Shenzhen Zhihengtong Electronics Co., Ltd. and Shenzhen Zhuorui Sitron Technology Co., Ltd.. Through distributors, its ultimate brand customers are.

▲ Top five customers of CIMC in the first half of 2018 -2021

As a chip design company, the main procurement projects of CIMC include. According to the prospectus, the main wafer supplier of Yingjixin is, and the main supplier of packaging and testing services is Tianshui Huatian Technology.

▲ The top five suppliers of Yingjixin

From the perspective of the whole industry, the global power management chip market is highly concentrated, and its market share is mainly occupied by international enterprises such as Texas Instruments, Infineon, Power Integrations and MPS.

At present, China power management chip companies such as Shengbang, Xinpengwei and Jingfeng Mingyuan have successfully landed in the capital market and gradually have a certain scale of operation. However, domestic manufacturers have a certain gap with international head manufacturers in market share and technical strength.

▲ Market share of Yingjixin and comparable domestic companies in the same industry in power management chips.

According to the prospectus, there is a gap between Yingjixin and overseas famous brands in terms of business scale and overall technical strength. However, in the product field in which it focuses, the performance index of Yingjinxin products is similar to that of Texas Instruments, PI, Infineon and other corresponding products, and it reaches or even exceeds the products of overseas companies in the same industry in terms of integration, compatibility and the number of supporting agreements.

The power management chip of CIMC is mainly that this scheme adopts a single mixed digital-analog SoC chip, which can replace the functions that traditional digital and analog chips can achieve with a mixed digital-analog SoC chip.

Through this mixed digital-analog SoC integration technology, CIMC can integrate digital chips, analog chips, systems and embedded software into one SoC chip, shortening the development cycle of customers’ finished products and reducing production costs.

In terms of fast charging protocol chips, the products of Yingjixin have been authorized by mainstream platforms such as Qualcomm, MediaTek, Spreadtrum, Huawei, Samsung, OPPO, Xiaomi and vivo. Its products not only support all five kinds of fast charging protocols of domestic communication terminals,

Compared with domestic comparable companies in the same industry, the gross profit margin of Yingjixin is low, which is mainly related to the differences in product structure, functional positioning and application fields, according to the prospectus. Compared with the power management chips of comparable domestic companies in the same industry, the gross profit margin of power management chips of Yingjixin is in the middle-upper level.

▲ Gross profit margin of power management chips of Yingjinxin and comparable companies in the same industry from 2018 to the first half of 2021.

Due to the scattered equity, Huang Hongwei, its chairman and general manager, directly holds 1.21% of the shares of Yingjixin, and indirectly controls 33.28% of the shares through three employee stock ownership platforms: Zhuhai Yingji, Zhuhai Yingxin and Chengdu Yingjixin Enterprise Management, and controls a total of 34.39% of the shares.

▲ Equity structure of Yingjixin

Shareholders who own more than 5% of the shares of Yingjixin include Shanghai Wuyuefeng, Beijing Core Kinetic Energy and Gongqingcheng Keyuan, with 27.61%, 9.59% and 6.63% of the shares respectively.

In addition, funds such as Shanghai Science Venture Capital and Suzhou Juyuan Casting Core also hold some shares of Yingjixin.

▲ Share capital of Yingji Core

The power management chip is a chip that is responsible for the transformation, distribution, detection and other control functions of the required electric energy in the electronic equipment system. It is the power supply center and link of all electronic products and equipment, and is an indispensable chip product in the fields of consumer electronics, automotive electronics and new energy.

At present, international leaders such as Texas Instruments and Infineon still dominate the power management chip market. At the same time of domestic chip substitution, domestic power management chip enterprises should carry out technological innovation to win domestic and even foreign market share. As a new domestic power management chip enterprise, Yingjixin’s products adopt mixed digital and analog chips which are different from the traditional ones, and its listing may help to increase the market share of domestic power management chips.

At present, with the rapid expansion of the power management chip market, many new chip companies have been founded or entered this field. If we can’t grasp the development trend and market dynamics of the industry, there are certain operational risks.

　　After the 1-year and 5-year LPR declines last month, the LPR remained unchanged in February, which was in line with market expectations. However, many banks in Guangzhou have lowered the mortgage loan interest rate. According to an all-media reporter survey of Guangzhou Daily, on February 21st, the interest rates of the first and second home loans of Workers, Peasants and Zhongjian in Guangzhou were all lowered by 20BP compared with those before the holiday, and many banks also indicated that they would follow suit. Not only that, at present, the amount of mortgage loans in Guangzhou is sufficient, and there is basically no need to wait in line.

　　Text/Table Guangzhou Daily All-Media Reporter Lin Xiaoli Wang Chuhan

　　On February 21st, ICBC, China Construction Bank, Agricultural Bank of China and Bank of China all said that from now on, the interest rate of their first home loan in Guangzhou will be lowered to LPR+80BP(5.4%), and the interest rate of their second home loan will be lowered to LPR+100BP(5.6%). The first two sets are 20BP lower than before the Spring Festival. Assuming a loan of 2 million yuan for a 30-year mortgage, if the mortgage is reduced by 20 BP, the buyer can pay less for the mortgage in 250 yuan every month, and the accumulated interest can be saved by about 90,000 yuan in 30 years.

　　The Postal Savings Bank said that since February 22, the bank began to implement the newly adjusted mortgage interest rate in Guangzhou. After adjustment, the first home loan interest rate LPR+80BP(5.4%) and the second home loan interest rate LPR+100BP5.6%(5.6%).

　　A number of joint-stock commercial banks have also lowered the mortgage interest rate one after another. Guangzhou Branch of Guangfa Bank has set the lowest enforceable interest rates for the first suite and the second suite as LPR+80BP and LPR+100BP, respectively, which is about 10BP lower than the previous executive interest rate pricing. Huaxia Bank Guangzhou Branch said that it began to cut 20BP； in early February; CITIC Bank Guangzhou Branch said that the pricing was lowered by 20BP following the adjustment of the four major banks. The reporter found that at present, the interest rates of the first and second home loans of HSBC in Guangzhou market are relatively low, which are 4.9%(LPR+30BP) and 5.4%(LPR+80BP).

　　There is no need to queue up to apply for a mortgage with sufficient quota.

　　Not only did the mortgage interest rate drop, but many banks said that the mortgage amount was loose and there was basically no queuing for lending. Guangzhou Agricultural Bank said that the current quota is relatively sufficient, and there is basically no queuing for lending. Guangzhou ICBC also said that the bank’s mortgage quota has been relaxed, and there is no backlog of businesses that meet the loan conditions at present. At the same time, the bank gives priority to supporting the needs of "just needed" and first-time home buyers. Huaxia Bank, Minsheng Bank and other joint-stock commercial banks Guangzhou Branch said that the current quota is sufficient, and loans can be made when the loan conditions are met. Minsheng Bank Guangzhou Branch said that the current lending time is generally 30 days. Guangzhou Branch of Guangfa Bank also said that the current mortgage loan amount of the branch is sufficient, and the loan can be arranged with complete billing information, and the average loan time is less than one month.

　　Demand decreases, banks cut prices and compete for customers.

　　The reporter noted that on the afternoon of February 21, the real estate development sector moved up, with Guangzhou real estate stock Zhujiang shares trading at a straight line.

　　Zheng Dayuan, a senior mortgage expert in Guangzhou, said that since November last year, the mortgage interest rate in Guangzhou has entered a downward channel. The mortgage interest rate that had been rising all the way before has been reversed, and the situation that a loan is hard to find has gradually eased. By this year, there is basically no backlog of mortgage applications from banks, and the speed of lending has obviously accelerated. "The downward adjustment of mortgage interest rate will promote the prosperity of the real estate industry and help the real estate industry develop in a more stable direction. It is expected that there will still be room for continued downside in mortgage loans in the future. " Zheng Dayuan believes.

　　A bank-related person told reporters that for banks, the current mortgage policy and quota have not changed, but the demand side. With the decrease in market turnover, the amount of bank mortgage loans has begun to become sufficient. In this context, banks also compete for customers by lowering mortgage interest rates.

　　A number of banks said that they would adhere to the positioning of "staying in houses without speculation" and give priority to supporting "just-needed" and first-time home buyers. The China People’s Bank recently issued the "Monetary Policy Implementation Report of China in the Fourth Quarter of 2021", saying that the next step will be to firmly adhere to the positioning that houses are used for living, not for speculation, not to use real estate as a short-term means to stimulate the economy, to stabilize land prices, house prices and expectations, to implement a prudent management system for real estate finance, to increase financial support for housing leasing, to safeguard the legitimate rights and interests of housing consumers, to better meet the reasonable housing needs of buyers, and to promote the healthy development and virtuous circle of the real estate market.

　　Central bank trend

　　In February, the LPR quotation remained unchanged, which was in line with market expectations.

　　In addition, it is worth paying attention to the February LPR quotation. On February 21st, the People’s Bank of China authorized the National Interbank Funding Center to announce that the quoted interest rate (LPR) of the loan market on February 21st, 2022 was 3.7% for one-year LPR and 4.6% for five-year LPR, both of which were the same as that in January. This is the same in February after the 1-year and 5-year LPR double drops last month, which is in line with market expectations.

　　Zhou Maohua, a macro researcher in the financial market department of China Everbright Bank, pointed out that the central bank continued to make MLF at parity this month, and the market had expected the LPR interest rate to remain stable this month. Mainly due to the continuous release of the effect of the central bank’s policy of lowering the RRR and cutting interest rates, the financial data showed strong performance in January, and the supply and demand of financing in the real economy were booming, indicating that finance continued to provide strong support for the recovery of the real economy, and the urgency of guiding the further decline of credit interest rates in the short term was not high.

　　According to the public information of the People’s Bank of China, on February 15th, the People’s Bank of China continued to operate the 300 billion yuan medium-term loan facility (MLF), and the interest rate of winning the bid remained unchanged. LPR, which remained unchanged for 19 consecutive months, was continuously lowered in December last year and January this year.